Welcome to our dedicated page for Orion Energy Systems news (Ticker: OESX), a resource for investors and traders seeking the latest updates and insights on Orion Energy Systems stock.
Orion Energy Systems, Inc. (NASDAQ: OESX) is a leading developer, manufacturer, and seller of energy-efficient LED lighting and energy management systems. Headquartered in Manitowoc, Wisconsin, Orion has successfully positioned itself at the forefront of the clean tech industry, transforming commercial and industrial buildings with state-of-the-art lighting solutions.
Core Business Segments
- Orion Services Group (OSG): The company's primary revenue generator, dedicated to developing and selling advanced lighting products, construction, and engineering services for commercial lighting and energy management. OSG also provides maintenance, repair, and replacement services for lighting and related electrical components.
- Orion Distribution Services Division (ODS): Focuses on distributing Orion’s lighting and energy management products through various channels.
- Orion U.S. Markets Division (USM): Specializes in serving U.S.-based customers with a wide range of lighting and energy solutions.
- Orion Electric Vehicle Charging Systems: Focuses on providing comprehensive EV charging solutions, including Level 2 and Level 3 chargers, through its Voltrek division.
Recent Achievements and Projects
Orion has recently reported significant growth in its fiscal 2024 third quarter, with revenue increasing by 28% to $26.0 million. Key drivers include large LED lighting projects and an increase in maintenance services revenue. Orion's CEO, Mike Jenkins, highlighted ongoing projects such as a large European retrofit, external lighting for a major customer, and multiple endeavors for national retail and logistics clients.
In addition, Orion's Voltrek division has secured contracts worth over $11 million for EV charging solutions under the Eversource “EV Make Ready” program, showcasing the company's strong market position and commitment to sustainable infrastructure.
Financial Health
Despite a net loss in fiscal 2024, Orion's financial outlook remains positive. The company ended the third quarter with $45.7 million in current assets and a working capital of $15.0 million. Orion generated $1.0 million in operating cash during the quarter, reflecting robust operational performance.
Commitment to Sustainability
Orion is dedicated to operating responsibly across all areas of its organization. The company’s initiatives in energy efficiency and clean tech solutions aim to help customers achieve their business and environmental goals, reduce their carbon footprint, and enhance business performance.
Learn more about Orion Energy Systems and its ESG priorities, goals, and progress on their website.
Orion Energy Systems reported strong Q2 2022 results, with revenues rising to $36.5M, up 38.9% from $26.3M in Q2 2021, primarily driven by national account projects. Gross profit improved to $10.8M, with a gross margin of 29.5%, aided by a $1.6M employee retention payroll tax credit. Net income reached $3.7M, up from $1.9M in the prior year. Despite supply chain challenges, Orion maintains a solid liquidity position with approximately $40M and anticipates FY 2022 revenues of at least $150M, although risks remain due to economic uncertainties.
Orion Energy Systems, Inc. (NASDAQ: OESX) announced the appointment of Michael H. Jenkins as Chief Operating Officer (COO), effective immediately. Jenkins has over 25 years of experience in operations and business leadership, previously serving at Bostik, Inc., where he significantly increased revenue and transformed business operations. This management change aims to bolster Orion's growth strategy and operational capabilities. Scott Green has been promoted to President of Orion Services Group, ensuring continuity in leadership for the company's turnkey lighting services.
Orion Energy Systems, Inc. (NASDAQ: OESX) will host a conference call on November 9, 2021, at 10:00 a.m. ET to discuss its fiscal 2022 second quarter results. The company will release the results prior to the market open, allowing investors to gain insights into its performance. Orion specializes in energy-efficient LED lighting solutions and IoT systems, focusing on project implementation and maintenance to help clients reduce energy costs and environmental impact.
Orion Energy Systems (NASDAQ: OESX) has announced new LED lighting retrofit projects for two school districts in Long Island, NY, in partnership with Synergy Investment, Inc. This addition brings the total number of lighting projects in the area to four. Collectively, the projects are anticipated to save over 7.2 million kilowatt hours (kWh) annually. The installation of approximately 26,000 Harris LDR LED Troffer Retrofit lighting fixtures will enhance energy efficiency and improve lighting conditions in the schools.
Orion Energy Systems (NASDAQ: OESX), a leader in energy-efficient LED solutions, will participate in H.C. Wainwright's 23rd Annual Global Investment Virtual Conference on September 13-14, 2021. CEO Mike Altschaefl will present a webcast starting at 7:00 a.m. ET on September 13. Both Altschaefl and CFO Per Brodin will be available for virtual meetings during the conference. Orion specializes in LED lighting systems, IoT solutions, and project management, helping clients lower energy costs and reduce carbon footprints.
Orion Energy Systems reported strong Q1 2022 results, with revenue reaching $35.1M, a 225% increase from $10.8M in Q1 2021, driven by national account projects. Gross profit surged to $10.2M, yielding a gross profit margin of 29.1%. Net income improved to $2.5M, or $0.08 per share, compared to a loss of $2.2M last year. Orion expects FY 2022 revenue of $150-155M, up at least 28%, supported by diverse opportunities despite possible COVID-19 impacts and supply chain challenges. The company ended Q1 with $15.9M in cash and significant liquidity to support growth.
Orion Energy Systems, Inc. (OESX) has been recognized by inside.lighting for the efficiency of its LED lighting products. The ISON™ High Bay Industrial Fixture achieved 209.8 lumens per watt, ranking it as the most energy-efficient LED high bay fixture in the High Lumen category. Additionally, Orion's Harris High Bay Star Line was noted as the #2 most efficient fixture in the Ultra-High Lumen category with 189.9 lumens per watt. CEO Mike Altschaefl expressed pride in the recognition, highlighting Orion’s commitment to quality and customer service.
Orion Energy Systems, Inc. (NASDAQ: OESX) will host a conference call and webcast on August 4, 2021, at 10:00 a.m. ET to review its fiscal 2022 first quarter results. The results will be released before market open on the same day. Investors can participate by dialing (877) 754-5294 for the U.S. or (678) 894-3013 internationally. An audio replay will be available shortly after the call until August 11, 2021. Orion specializes in energy-efficient LED lighting and IoT systems, aiding customers in achieving energy savings and sustainability.
Orion Energy Systems (NASDAQ: OESX) announced that its ISON PureMotion™ UVC and Light products won four 2021 Spaces4Learning New Product Awards. These innovative systems promote healthier indoor environments through advanced LED and air movement technology, addressing hygiene and energy efficiency. The CEO highlighted the products' role in enhancing indoor air quality and comfort while reducing energy consumption. The awards underscore Orion's commitment to developing safe and sustainable solutions for educational facilities.
Orion Energy Systems (OESX) reported a strong Q4’21 with revenue of $35.5M, up 37% year-over-year, and net income of $22.1M, driven by national account activity. Despite challenges from COVID-19, FY 2021 revenue reached $116.8M. A significant non-cash tax benefit of $20.9M was recognized, inflating net income figures. The company expects FY 2022 revenue to rise by at least 28%, targeting $150M to $155M. New product lines, operational efficiencies, and a diverse customer base support this optimistic outlook, emphasizing substantial growth potential in the LED market.
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